Overview

• Realtor.com reports the national median asking rent was $1,713 in August, down 2.2% year over year and up $1 from July.
• Studios, one-bedrooms, and two-bedrooms all posted annual declines, with medians of $1,430, $1,593, and $1,897, respectively.
• Only four of the 50 largest metros saw annual increases—Kansas City (+2.9%), San Jose (+1.6%), Chicago (+0.7%), and New York (+0.5%)—while Denver recorded the largest drop at 7%.
• Compared with the August 2022 peak, median rent is down $46 (2.6%) yet remains 17% higher than pre-pandemic levels.
• Renter mobility reached 21.6% in 2024, nearly 60% of renters say they plan to buy, and many cite down payments, limited affordable inventory, and credit as the main barriers.